This morning before the open Notable Calls, a blog on my blogroll that focuses on notable calls from the Wall Street analyst community, put up a post “Blue Nile (NILE): Bounce @ $40?” (For some reason I can’t get the link in right now – go to the main page to see it).
Sure enough, Blue Nile, an online jeweler that has been a very popular stock but has been torched by 50% in the last 4 months (NILE 1 Year Chart), opened at $40.28, shortly thereafter hit an intraday low of $40.02, and has now rallied by 13-15% into the $45-$46 range (NILE 1 Day Chart).
As is so frequently the case, all the bad news was already in the stock and it bounced from oversold conditions.
As I wrote in the comment sections: Nice call baby!
Disclosure: Top Gun has no position in Blue Nile (NILE) shares.